A gold bullion vault operator on the Isle of Man in the British Isles is to issue a credit card made of solid gold. The 14-carat Visa gold card from IMGold will be offered to clients who have at least £100,000 of the metal bars in their vault. The card will allow customers to borrow cash against their gold reserves, acting as a hedge against a fall in the value of gold.
Cards with the bling factor are nothing new – selected banks around the world have been targeting their high-net-worth customers with payment cards exclusively tailored to them. Examples include a diamond-encrusted card launched in Kazakhstan and gold, pearl and diamond embossed cards in Russia.
However, issuing a solid gold credit card brings its own challenges. The price of gold is notoriously volatile, meaning that customers who distrust fiat-backec currency are in for a bumpy ride. Also, the precious metal is super-sensitive to conducting electricity, so let’s hope there aren’t any loose wires should it be used in a faulty ATM.